It will be managed by John Bailer who is the senior portfolio manager for US dividend portfolios at the firm’s subsidiary, The Boston Company.
The onshore fund will mirror the firm’s offshore equivalent, which aims to deliver a high dividend yield and focuses on stocks that offer “dividend growth, solid fundamentals and attractive valuations”.
Fergus McCarthy, head of UK and Ireland intermediary distribution at BNY Mellon IM, said: “Two years ago we decided to launch the BNY Mellon US Equity Income Fund in response to the strong demand that we were seeing for income strategies with exposure to the world’s largest economy.
“This demand continues to be evident among UK investors – particularly at a time when value stocks are at attractive levels after a significant period of growth outperformance – driving our decision to launch an onshore mirror fund.”
Upon the opening of the fund, Quilter Investors will hold the onshore fund through some of its multi-asset portfolios. The ongoing charges figure (OCF) of the fund will be 0.82%.
The company unveiled an Irish-domiciled version of the fund in January 2017 and has around $410m (£325m, €361.6m) of client assets.